Cassidy Turley announced that North Dakota-based Eleven Investments, LLC acquired Walmart Shops at Laveen Village, a neighborhood shopping center along with a developable pad located at 3525 W. Southern Avenue, for $7.15 million ($151.81 PSF). The seller was Washington-based Pacific West Land, LLC.
Executive Managing Directors Ryan Schubert and Michael Hackett with Cassidy Turley’s Retail Capital Markets Group represented the seller.
“Eleven Investments made an opportunistic purchase of this quality asset, which they anticipate adding substantial value to thru lease-up and potential development of the outparcel,” Mr. Hackett said.
Built in 2007, Walmart Shops at Laveen Village is a ±47,098 -square-foot shopping center situated on ±9.64 acres and configured for multi-tenant retail use. The project is anchored by a Walmart Supercenter (NAP) and other national tenants including Church’s Chicken, Sally Beauty Supply and Cricket Wireless. The property has excellent visibility along both Southern Avenue and 35th Avenue in Laveen, an urban village within the City of Phoenix. The Walmart Shops at Laveen Village was 77% occupied at the time of sale.